DLD completes real estate valuation process using artificial intelligence
The move comes as part of DLD’s initiative to provide smart services in accordance with the Dubai Paperless Strategy
Dubai Land Department (DLD) through the Registration and Real Estate Services Sector, completed the smart valuations process of real estate units using artificial intelligence (AI).
The move comes as part of DLD’s initiative to provide smart services in accordance with the Dubai Paperless Strategy, according to UAE's state-held news agency, Wam.
Talking about the technology adoption, director-general of DLD, Sultan Butti bin Mejren, said: "We believe that this pioneering smart project will help us raise our ranking on global performance indexes in terms of providing the best valuation services to our customers at high speeds and with complete transparency.
“This is made all the more evident since our cadres are now highly qualified and trained to deal with these technologies as well as provide the best applications that can be easily dealt with.”
Talking about the service, CEO of Registration and Real Estate Services Sector at DLD, Sultan Butti bin Mejren, said that the service was a major development for providing quality services with a high level of performance.
Bin Mejern added: "The smart valuation team has worked with a third party from the private sector, represented by ‘Crayon,’ to achieve an unprecedented reliance on artificial intelligence in the smart valuation of real estate units and provide an immediate, reliable and robust service.
“As a result, real estate units will be valuated without the need for most of the required documents through the interconnection of local databases and external systems, using an advanced model of artificial intelligence, based on accurate algorithms to analyse millions of transactions and data with extreme accuracy.”
DLD expects the project to help reduce the implementation time of valuation services to 15 seconds and reducing their cost by 20% as well as raise customer happiness by 90%.
The project will be in line with the standards set by the Dubai Model Centre of the General Secretariat of the Executive Council of Dubai.
The smart valuation service will be provided on DLD’s smart application called ‘Dubai REST’.